Shell Q3 Outlook: Integrated Gas Trading & Optimisation Expected to be ‘Significantly Higher’

Shell (LON: SHEL) said on Monday that it expects a strong third quarter from its Integrated Gas unit, with trading and optimisation performance “significantly higher” than in the previous quarter, supported by higher liquefied natural gas (LNG) output and stable operating costs.

In its third-quarter 2025 update note, the energy major forecast LNG liquefaction volumes between 7.0 and 7.4 million tonnes, up from 6.7 million tonnes in the second quarter. Production in Integrated Gas is expected to range between 910,000 and 950,000 barrels of oil equivalent per day, with underlying operating expenses of $1.0 billion to $1.2 billion.

Across the group, Shell’s adjusted earnings, which exclude identified items and inventory effects, were $4.3 billion in the previous quarter, with the latest outlook suggesting a broadly steady performance across most divisions.

In the Upstream segment, production is expected to rise to between 1.79 million and 1.89 million barrels of oil equivalent per day, though results will reflect a $0.2 billion to $0.4 billion impact from changes to Shell’s participation interests in Brazil.

Marketing adjusted earnings are expected to be higher than in the second quarter, while Chemicals & Products adjusted earnings are expected to include a loss from the chemicals sub-segment despite stronger refining margins of $11.6 per barrel.

Shell will report full third-quarter results on 30 October 2025. The company added that non-cash impairments of about $0.6 billion are expected in the Marketing segment due to the cancellation of its Rotterdam HEFA biofuels project.